Shares in Altona Rare Earths rose 9% to 3.10p after the LSE-listed critical minerals explorer announced the publication of a request for proposals (RFP) to advance a US government-funded pre-feasibility study at its Monte Muambe rare earths project in Mozambique.
The RFP, published under a grant from the US Trade and Development Agency (USTDA), invites qualified American firms to undertake metallurgy and process engineering work at the project, located in the Tete Province of northwest Mozambique.
The scope of work includes a targeted drilling campaign to obtain metallurgical samples, comprehensive testing covering comminution, beneficiation and hydrometallurgy, including the separation of neodymium-praseodymium (NdPr) oxide, a key material used in permanent magnets for electric vehicles and clean energy applications, from mixed rare earth carbonate.
The programme also encompasses environmental and commercial studies, engagement with potential US offtake partners and the development of an updated financial model and project valuation.
The deadline for proposal submissions is 4 May 2026, with selection of the successful bidder to follow.
Chief executive Cedric Simonet said the RFP launch marked "a defining step" in the advancement of Monte Muambe and that the company was pleased to be moving forward "at such a fast pace" in cooperation with the USTDA.
The grant agreement with the USTDA was announced on 27 February 2026.